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Rachel Said:

Which company offers the best Mortgage Insurance for price, *AND* quality ?

We Answered:

Since this is more of a financial guarantee, there is no regular insurance company I know of that writes Mortgage Insurance. I believe most loan companies have mortgage insurance companies that they work with. I would recommend speaking with your mortgage broker to get the information on coverage.

Good luck to you!

Jaime Said:

my mortgage company keeps posting my payment to credit instead of payment. i have talked to mgr. what can i do

We Answered:

Send a letter to the bank president explaining the situation and informing him/her the current procedure may be a violation of the law.

Virginia Said:

IS MY MORTGAGE COMPANY ABLE TO DO THIS?

We Answered:

Sounds like you borrowed more than the actual purchase price to cover the closing cost but you should have someone help you to draft this question better. It doesn't quite make sense and you need to give a bit more detail.

Suggestion:
State what state or country you are in
State the name of the lender for both first and the second (if it's different)
8% on what? your rate jumps to 8% or you will owe more by 8%? are we talking about the second or the first or both?

Okay, thanks for the clarification. I'm not too familiar with Lending laws in the UK but I may be able to give you a little help here.

Lending laws for mortgages are generally stricter and comes with more restrictions for the lender. Unsecured loans are a different ballgame and lenders have far less restrictions in terms of what conditions they can impose on the borrower. Which is one of the reasons why it's unsecured and not a second mortgage.

The reason you borrowed so much was to pay for the closing cost. Since you went through a bank (even though your government took it over) everything is probably legal and you may have little recourse.........I'm sorry to say.

As stated previously, i'm unfamiliar with UK laws so please check with professionals in your country.

Jason Said:

Is it legal for a mortgage company to do this:?

We Answered:

The $70.00 increase may not be due to changes in what the mortgage co. is receiving. It may be that their escrow account needs have increased. If this is the case, they should have received a notice of this from the mortgage co. Often hazard insurance and taxes are paid out of the escrow account. Changes in the amount of taxes or insurance premium should be the only reason for change in monthly payment on a fixed rate mortgage. Check with the county appraisal district to make sure that they claim all exemptions for which they qualify (homestead and senior citizen etc.). Many insurance companies are raising premiums lately, so this may be the reason for increase.
Mortgage companies also typically call for the suspended payments to be paid in full at the end of the period they were suspended for. See the attached link for possible solutions. Ask the mortgage company if they can make partial payments for the amount that was deferred. There also may be additional assistance available since the bailout:)
Good luck!